Lean Startup

I ordered Eric Ries new book “Lean Startup“. While it doesn’t arrive, I’m taking Udemy’s course “The Lean Startup” that I got as a special deal for pre-ordering the book.

 

I’m really liking the videos, and I think they have a lot of great content and advices on startups, entrepreneurship, innovation and such.

 

Here are my highlights for the 1st lecture:

 

The question is not could something be built but instead should it be built

Just having a vision just having a plan is not enough for entrepreneurial success

A business plan is just a series of assumptions

The vision tells you where you want to go but it doesn’t tell you actually how to get there

Create a “Minimum Viable Product”, the smallest possible product we can possible imagine

Learning is the most vital function in a startup

Definition of a startup: human institution designed to create something new under extreme uncertainty

Validated learning: the process of using quantitative methods to modify the end product in a way that it becomes more successful

Vanity metrics: metrics that look very good but are essentially useless to portray success. Ex: 100.000 visitors per month

Actionable metrics: metrics that provide useful information that an entrepreneur can use to modify end product. Ex: 0.01% purchase rate

A product is a tool for changing customer behavior. That’s why we built products, in a search of a sustainable business; we need to change customer’s behavior in order to change the world.

Vanity metrics can be harmful because they can fool an entrepreneur into thinking the product is growing when in reality it is not

Vanity metrics is any number you’d put in a press release in order to make your competitor feel bad

The Eric rule of Google analytics: no matter how bad you are doing, you will always find at least one graph in Google analytics that is up in to the right

Avoiding vanity metrics: Make predictions on metrics that are supposed to happen; measure your actual metrics against the ones in your predictions

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.